When starting a business one of the most difficult things to know is whether the product or service you want to offer will sell. You want to create products and services that fly off the shelf.
There is nothing worse than launching your product to crickets?
No one wants to spend hours on hours creating a product only to have zero or only a couple of sales.
Creating your first product is the most important way to start making profits in your niche-related business. And knowing how and when to create new products and services that your tribe will love and be eager to buy is essential.
You can discover what your tribe is desperate for in a number of ways. The most obvious is from the feedback you get from blog posts and the popularity of your lead magnet.
If you know your niche well, chances are you should have a pretty good idea of what your ideal clients, really need and how much they are willing to pay for it. In other words, you will only create products that you are certain will sell.
New to a Niche
If you’re not sure, take the time to survey the people on your email list/s or poll them on Facebook to ask which options they would find most useful. Facebook groups, LinkedIn groups, Reddit forums and Quora are a goldmine for discovering what your tribe is struggling with.
Let them pick from a range of choices. The answers may surprise you. They will stop you from wasting a lot of time and effort and perhaps money creating product and services that don’t sell.
You should always be asking the question, What is my tribe struggling with and how can I help them solve that problem. That is where your product ideas are.
When launching that very first product, have a soft launch and then a hard launch. The soft launch should be to those in your inner circle. So think your mailing list and Online groups you belong to.
They can get a first look at it for a substantial discount. Ask upfront for testimonials and give them an easy way to contact you to deliver them, send in reviews, and ask questions.
The product you first create doesn’t have to be perfect, just create the Minimum Viable Product (MVP). The feedback you get from the soft launch will help you create an even better product by improving, from the feedback received.
Once you are sure your product is as good as it can be at the correct price point for your niche audience, then you can widen your audience through your hard launch. Offer a free webinar, guest blog, have your JV partners interview you and promote the product, and more.
Want Some Product Ideas
Webinars can prove very useful for product creation. Record each session and offer it as a paid product or promotional item. Have a transcript made to sell as is. Turn it into a free e-course, special report, or an e-book of insider secrets.
If you interact with the audience by allowing them to ask questions, take note of their queries and see if any of them are worth creating a product for.
If you have a lot of content on your site or blog, consider putting e-books together by topics. How to titles are extremely attractive to most audiences. Consider different levels of learners in your niches, such as beginners, intermediates, and advanced students.
You can present information in a sequential way, or go into more depth for those beyond beginner level.
Look at what your competitors are selling, and at what price points. In this case, you have 2 choices. Charge less and give the same type of information, or charge more due to your expertise and the excellent bundle you will be offering.
Bundling works for all paid products. Again, you have 2 choices. You can sell one main product and bundle a range of very attractive bonuses together, such as worksheets, hand-outs, templates, infographics and more.
Or you can group 2 of your most popular products and services together to create an all-new offer that your niche market will be eager to buy. Add some fabulous bonuses on top of that and see how much profit you can make from your niche-related products and services.
Whatever choices you make, get started with creating your first MVP now.